Loan Comparison: 2.94% vs 6.5%
3845 Eaton Park, Aurora, CO 80019 · 4bd/4ba · $749,500
List Price
$749,500
Assumable Rate
2.94%
Remaining Balance
$564,049
Equity Gap
$205,322
Loan Type
FHAAdjust Your Scenario
$37,475
$37,475$205,322
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,500/moAssumable @ 2.94% + gap loan
$3,650/moAssumed loan: $2,360/mo
Gap financing: $1,291/mo
$850less per month with the assumable
Your Savings on This Property
3845 Eaton Park, Aurora · 2.94% FHA vs 6.5% conventional
$850
per month
$10,201
per year
$306,016
over 30 years
$325,887
interest saved
How gap financing works: The equity gap ($205,322) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,475, 5% of purchase price) and a second mortgage for the rest ($167,847 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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